Property Wheel’s Post

The Competition Commission has approved Cosmo Properties’ proposed acquisition of neighbourhood shopping centre Bryanston Shopping Centre from Redefine Retail, a subsidiary of Redefine Properties, with conditions. #reit #acquisition #competitioncommission #competitionlaw #commercialrealestate #propertyfund #assetmanagement #shoppingcentre #realestateinvestment #retailrealestte #listedcompanies #realestateinvestor #propertyowners #realestatenews #landlords #propertynews

Lighthouse, through its Spanish subsidiary, has entered a notarial deed of sale to acquire the 40 341m2 Espai Girones Mall for €168.2m at an annualised net initial yield of 7.2% based on the 12-month NOI from Jan 2025. The acquisition is not subject to conditions precedent: https://bit.ly/3zIUv3R #propertyfund #acquisition #shoppingcentre #spain #shareholders #retailrealestate #investorrelations #realestateinvestment #realestatenews #assetmanagement #commercialrealestate #listedcompanies #landlords #businessnews #propertynews #propertyowners #JSE

Primaris REIT, an enclosed shopping centre focused REIT, agreed to acquire Les Galeries de la Capitale, a regional enclosed shopping centre, for $325m. Read the full article: https://lnkd.in/dJd4wbkw “This acquisition builds on Primaris’ profile as an attractive buyer of large, high-quality assets. Five of Canada’s ten largest pension funds have now vended market leading shopping centres to Primaris, taking back equity and convertible preferred equity investments in the REIT. Consistent with prior acquisitions, this property enhances the REIT’s value proposition with retailers, and offers a significant income growth opportunity consistent with the growth we see ahead for our existing assets,” Alex Avery, Primaris CEO. Les Galeries de la Capitale is advised by RBC Capital Markets. Primaris (led by Alex Avery and Rags Davloor) is advised by Desjardins and TD Securities). Submit your deals here: https://lnkd.in/djcRGezn #MergersAcquisitionsDivestitures #Retail #Sales

I'm intrigued to see BL make these acquisitions. With a weighted equivalent yield of 7.4% they are moving down the quality scale against an existing retail warehouse portfolio with an equivalent yield of 6.7%. These are third quartile quality assets (based on the yield metric) which isn't a space I expected to see them playing in. Moreover, to date, this isn't a segment of the retail warehouse market that has witnessed the ERV growth that is one of the key attractions of the sector and has clearly been evident in BL's existing portfolio. I analysed MSCI data at the beginning of the year to identify where rental growth was focused. It was evident in the lower quartile equivalent yield range - prime assets - with ERV growth of 5% pa since the beginning of 2021. Beyond that, ERV growth was hardly evident across the rest of the retail warehouse universe. I’ve stuck the chart in the comments section. Hopefully BL's acquisition is evidence of a broadening rental growth story that isn't borne out by the MSCI data and is extending beyond the prime segment during 2024. Alternatively, it is evidence of the challenges of deploying capital into a favoured segment of the market and the compromises that need to be made when there is a dearth of top and second quartile assets available.

Lighthouse, through its Spanish subsidiary, has entered a notarial deed of sale to acquire the 40 341m2 Espai Girones Mall for €168.2m at an annualised net initial yield of 7.2% based on the 12-month NOI from Jan 2025. The acquisition is not subject to conditions precedent: https://bit.ly/3zIUv3R #propertyfund #acquisition #shoppingcentre #spain #shareholders #retailrealestate #investorrelations #realestateinvestment #realestatenews #assetmanagement #commercialrealestate #listedcompanies #landlords #businessnews #propertynews #propertyowners #JSE

Sealy & Company is proud to announce the acquisition of Strongsville Commerce Center, a premier 310,080 SF Class A logistics facility located in Strongsville, OH. The property boasts modern features such as 32’ clear heights, 130’ truck court depths, 60’ speed bays, and ESFR fire protection. This highly versatile facility is 100% leased to two tenants with long-term tenancy and includes ample auto parking with future trailer parking potential. “The exceptional access to major transportation infrastructure and deep labor pools in the southwest Cleveland submarket, along with strong institutional ownership and the modern vintage of Strongsville Commerce Center, are in perfect alignment with Sealy’s Portfolio By Design investment strategy,” stated Davis Gibbs, Director – Investment Services for Sealy & Company. This acquisition was executed in a direct transaction with Scannell Properties and led by Sealy & Company's Jason Gandy, Managing Director - Investment Services, and Davis Gibbs, Director - Investment Services. To learn more about this deal, please visit https://lnkd.in/gQNGSRXy #IndustrialRealEstate #ClevelandMarket #Sealy&Company #Acquisition #InvestmentStrategies

"Core Acquisitions Purchases $34M Shopping Center in Chicago Area" Read the full article below..

We’re continuing to grow our retail park portfolio, having completed £240m of acquisitions across six high-quality assets since April. Let to successful multi-channel and essential retailers, these retail parks were acquired at attractive yields and will increase our FY26 earnings per share by 0.7p. As one of the UK’s largest owners and operators of retail parks, we believe that these types of assets remain the preferred format for retailers due to their affordability, adaptability and accessibility. Equally, with low capex requirements, parks offer attractive cash returns and, with 99% occupancy across our portfolio, this sector continues to deliver strong rental growth and value. To read today’s press release, click here: https://lnkd.in/eYBhPMpP #CommitAndCollaborate #RetailParks #Retail #Acquisition

I took the time to compile all available self-storage REIT occupancies: Same Store, Non-Same Store, New Acquisitions & Developed (in-lease up), JVs. The weighted avg SF occ of 9,789 is 87% occupied. That data set is excluding 1,362 stores, predominantly third-party managed deals, where no occupancy data was available. Very interesting to see how the different REITs bifurcate same store data, and the occupancies available. They all have various methods.